A large commercial site with major mixed-use development potential has been put on the market for sale in one of Auckland’s leading suburban growth hotspots.
The approximately 1,512sq m freehold site at 227 Apirana Avenue, Glen Innes, occupies a high-profile town centre location on a major arterial route. It is leased to a diverse set of occupants across three buildings, currently returning combined net annual rent of $160,227 plus outgoings and GST.
The site presents exciting development possibilities underpinned by its zoning for growth and intensification as part of the Glen Innes town centre, an area identified by Auckland Council as a key suburban growth hub.
Colliers has been exclusively appointed to market 227 Apirana Avenue, Glen Innes, Auckland, for sale by auction at 1 pm on Wednesday 14 April, unless it sells earlier.
Gareth Fraser, Investment Sales Director at Colliers, says the site contains three buildings with a combined floor area of 492sq m along with ample off-street parking.
“The buildings are leased to diverse tenants including an auto electrical business, a leading fishing supplier, a barber, a café and a dog groomer.
“The property enjoys highly visible street frontage and access from busy Apirana Avenue, as well as convenient access from the rear of the site,” says Fraser.
Charlie Oscroft, Investment Sales Director at Colliers, says the property occupies a prominent position within the established Glen Innes retail hub.
“Apirana Avenue is a main arterial route connecting Glen Innes with Mt Wellington, Panmure, St Johns and Glendowie, meaning the site benefits from exposure to thousands of cars passing daily.
“As well as having excellent road connections, the location is a short walk from Glen Innes Train Station, which provides direct access to Auckland’s CBD,” Oscroft says.
“Glen Innes and surrounding suburbs have experienced significant growth and gentrification in recent years, supported by a number of local initiatives such as the Tamaki Regeneration Programme and the AMETI Eastern Busway project. As a result, Glen Innes has quickly become a major retail destination.”
Established tenants near the property for sale include national and international brands such as McDonald’s, PAK’nSAVE, Chemist Warehouse, Harvey Norman, Animates and Citta Design.
The Apirana Avenue site also benefits from a recent change in zoning to Business – Town Centre under the Auckland Unitary Plan, which opened the way for intensification and further development in the town centre.
“This zoning typically allows buildings of four to eight storeys, and provides for a wide range of activities including commercial, residential, tourist, leisure and civic services.
“This affords the Apirana Avenue site with considerable mixed-use development possibilities – potentially a multistorey development with ground floor retail and residential or possibly office accommodation on upper levels,” says Oscroft.
Commenting on the buildings’ attributes, Logan Roach, Investment Sales Broker at Colliers, says “the first building is an approximately 152sq m workshop with an adjacent 14sq m ‘portacom’ office,
which is occupied by Eastern Auto Electrical. The workshop was constructed in the 1970s of wooden framing with long-run iron roofing and cladding. The office is constructed of wooden framing with timber/fibre cement cladding,” says Roach.
“A second building of some 162sq m is a trade retail shop occupied by leading fishing supplier Top Catch. This was also constructed in the 1970s, with concrete block foundations, wooden framing and iron roof cladding.
“A third building of similar size, constructed in 2015, houses four retail tenants. This structure consists of concrete flooring, tilt-slab concrete walls and iron roofing with automatic doors fixed at the front.”
“Holding income combined with a variety of options to maximise the property’s future value through strategic development will be to the fore in the thinking of astute buyers. Existing leases to a diverse set of tenants will offer valuable passing income for a new owner while they explore future development options.”
